As the new year approaches, nonbank mortgage companies are ramping up their hiring efforts in preparation for increased demand and higher interest rates. With the Federal Reserve expected to continue raising rates in 2019, lenders are anticipating a surge in refinancing activity as homeowners rush to lock in lower rates before they climb even higher.
The Rise of Nonbank Lenders
Nonbank mortgage companies have been gaining market share in recent years, largely due to their ability to offer faster and more streamlined loan processing than traditional banks. These lenders rely on technology and automation to speed up the underwriting process, allowing them to close loans more quickly and with fewer errors.
This efficiency has made nonbank lenders particularly attractive to younger, tech-savvy homebuyers who value speed and convenience. As a result, nonbank lenders now account for a significant portion of the mortgage market, with some estimates putting their share at nearly half of all home loans.
The Importance of Hiring
As nonbank lenders continue to gain market share, the need for skilled mortgage professionals has increased as well. These lenders are looking for experienced loan officers, underwriters, and processors who can help them handle the increased volume of loan applications that are expected in the coming year.
In addition to hiring experienced professionals, nonbank lenders are also investing in training and development programs to help new hires get up to speed quickly. These programs typically focus on teaching new employees the company’s unique underwriting processes and loan products, as well as providing them with the tools and resources they need to succeed in their roles.
The Benefits of Working for a Nonbank Lender
For mortgage professionals, working for a nonbank lender can offer a number of benefits. These lenders often offer more flexible work arrangements than traditional banks, including the ability to work remotely or on a flexible schedule.
In addition, nonbank lenders typically offer competitive compensation packages that include bonuses and other incentives for high-performing employees. This can make them an attractive option for experienced loan officers and underwriters who are looking for opportunities to grow their careers and earn more money.
The Future of Nonbank Lending
As interest rates continue to rise and the mortgage market becomes increasingly competitive, nonbank lenders are expected to continue their rapid growth. These companies are well-positioned to take advantage of changing market conditions and offer borrowers a faster and more efficient loan process.
With their focus on technology and customer service, nonbank lenders are also likely to continue attracting top talent in the mortgage industry. This, in turn, will help them maintain their competitive edge and continue growing their market share in the years to come.
Conclusion
Nonbank mortgage lenders are preparing for a busy year ahead as interest rates continue to rise and refinancing activity heats up. With the help of skilled mortgage professionals, these lenders are well-positioned to handle the increased volume of loan applications that are expected in the coming year.
For experienced loan officers and underwriters, working for a nonbank lender can offer a number of benefits, including competitive compensation packages and opportunities for career growth. As the mortgage market continues to evolve, nonbank lenders are likely to play an increasingly important role in helping borrowers achieve their homeownership goals.